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Your Money, Your Goals
A FINANCIAL EMPOWERMENT TOOLKIT FOR SOCIAL SERVICE PROGRAMS

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Your Money, Your Goals
Introduction
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3.
Money and Me
List all of the words, phrases, sayings,
songs, or other associations you have
with the word money.
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4.
Money and Me
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Money:
any generally
accepted medium
of exchange

5.
Money: What does it mean?
 Where do our associations about money come from?
 How do these associations reflect our attitudes and
feelings about money?
 How are our attitudes and feelings related to our
behaviors and actions?
 What does this mean when
we are working with clients?
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6.
Your Money, Your Goals
Overview of the training and introductions
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7.
Training purpose
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Orientation to the
Your Money, Your
Goals financial
empowerment
tools
Strategies for using
the toolkit
The tools,
knowledge and
confidence to
provide financial
empowerment to
your clients

8.
Training objectives
By the end of the training, you will be able to:
 Connect financial empowerment with your program
and client outcomes.
 Demonstrate increased confidence in your own
knowledge about core financial management topics.
 Assess clients’ financial condition or situation.
 Provide the right financial content at the right time
in the context of your case work with clients based
on assessment.
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Training objectives
By the end of the training, you will be able to:
 Use specific tools to help your clients reach their own
goals in different cultural and situational contexts.
 Access and use tools and materials available at
www.consumerfinance.gov.
 Make appropriate and specific referrals to help clients
manage their financial challenges.
 Know where to go for unbiased information or help in
working with clients.
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10.
Training presenter
The Consumer Financial Protection Bureau created
the Your Money, Your Goals toolkit for consumers,
as well as the training materials presented today.
These materials are being presented to you by a
local non-profit organization. The organizations or
individuals presenting these materials are not
agents or employees of the CFPB, and their views
do not represent the views of the Bureau. The CFPB
is not responsible for the advice or actions of these
individuals or entities. The Bureau appreciates the
opportunity to work with the organizations that are
presenting these materials.
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11.
Introductions
 Share name
 Organization
 “What do you expect or hope to
get from this training?”
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12.
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Your Money, Your Goals
Introduction to the CFPB and financial empowerment

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Introduction to the CFPB
The CFPB’s mission is to make markets for consumer financial
products and services work for Americans.
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Introduction to the CFPB
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EDUCATION
ENFORCEMENT
STUDY

15.
Why case managers?
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Access Trust
Opportunity
for providing
financial
empowerment

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Financial empowerment
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What is financial empowerment?
How is it different than financial education,
financial literacy, financial capacity, or other
commonly used terms?

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Benefit / Cost analysis
What are the benefits and costs of financial empowerment
 For you?
 For your clients?
 For your program?
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Your Money, Your Goals
An orientation to the toolkit

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Organization of Your Money, Your Goals
Introductory modules
 Module 1: Introduction to the toolkit
 Module 2: Assessing the situation
 Module 3: Starting the conversation
 Module 4: Emotional & cultural influences on
financial decisions
 Module 5: Using the toolkit
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Organization of Your Money, Your Goals
Content modules
 Module 6: Setting goals
 Module 7: Saving for the unexpected, emergencies, & goals
 Module 8: Managing income & benefits
 Module 9: Paying bills & other expenses
 Module 10: Managing cash flow
 Module 11: Dealing with debt
 Module 12: Improving credit reports & scores
 Module 13 Evaluating financial service providers, products, & services
 Module 14: Protecting consumers rights
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Organization of Your Money, Your Goals
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Where would you start if your client...
1. Felt overwhelmed by debt?
2. Felt like she couldn’t make ends meet?
3. Wants to buy a car and get the best rate she can for the
money she must borrow?
4. Wants to understand direct deposit and payroll cards?
5. May qualify for Earned Income Tax Credit (EITC)?
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23.
Using the toolkit with clients
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Learn Toolkit
content
Increase
comfort with
the tools
Introduce
financial
empowerment
into case
management
Capture
outputs and
outcomes

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What would you do if your client...
1. Wants to file for bankruptcy?
2. Wants to know how to respond to a creditor’s threat to sue?
3. Is facing eviction?
4. Is facing foreclosure?
5. Is not able to provide enough food for herself and other
members of her household?
6. Is in danger of losing her car due to nonpayment?
7. Wants to take out a debt consolidation loan?
8. Wants to know how to finance her child’s college?
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Your Money, Your Goals
The role of referral
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The role of referral
No one person knows everything. Know your limits and when to refer!
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Your Money, Your Goals
Assessing the situation and starting
the conversation

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Self-Assessment
Complete Tool 1: Financial empowerment self-assessment
Reflection Questions
 How did you feel about completing this assessment?
 Were there topics you knew more about than you thought
you would?
 What topics would you like to learn more about?
 How can you learn more about them?
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Situation Assessment
A picture of conditions today used
to inform and plan for actions to
change conditions in the future
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Workflow Analysis
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Review Workflow Analysis Tool:
Brainstorm specific opportunities for beginning the
financial empowerment conversation with clients.

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Your Money, Your Goals
Module 6: Setting goals

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Setting goals
 Work toward making your future
better.
 Prioritize how you spend your
money so that it goes toward
things that really matter to you.
 Measure and track your
progress toward getting the
things you want out of life.
 Take pride in bettering your life
and the lives of your children.
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SMART Goals
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Specific
Measurable
Attainable
Relevant
Time-framed

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Hopes, wants, and dreams vs. strong goal
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I want to get out of credit card debt
I will pay
down $1,000
of my debt in
the next year.

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Calculating amount to set aside each week
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Total
Amount
Needed
Number of
weeks to
reach goal
Amount to set
aside each
week

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Your Money, Your Goals
Module 11: Dealing with debt

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Dealing with debt
 What is debt?
 How is debt different from credit?
 How is secured debt different from
unsecured debt?
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Good debt, bad debt
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Tool 1: Debt management worksheet
On the debt management worksheet, you will include:
 The person, business, or organization you own money to;
 The amount you owe them;
 The amount of your monthly payment; and
 The interest rate you are paying and other important terms.
To complete this worksheet, you may need to get all of your bills
together in one place.
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Tool 2: Debt-to-income worksheet
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Total month debt payment (from Tool 1)
Divided by:
Monthly gross income
Equals:
Your current debt-to-income ratio

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Tool 2: Debt-to-income worksheet
Renters
 Consider maintaining a debt-to-income ratio of .15 - .20, or 15% -
20%, or less.
Homeowners
 Consider maintaining a debt-to-income ratio of .28, or 28%, or
less for just the mortgage (home loan), taxes, and insurance.
 Consider maintaining a debt-to-income ratio for all debts of .36,
or 36%, or less.
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Tackling Debt
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What order would you
address these debts?
What is your strategy? Why?

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Tool 3: Debt reduction worksheet
 The two primary methods for
reducing debt are:
 Highest interest rate method
 Snowball method
 Consider the pros and cons of each.
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Tool 4: Student loan debt
 Federal student loans versus private student loans
 Options for federal student loan repayment
 Standard payment
 Graduated payment
 Extended payment
 IBR
 Pay as you earn
 Consolidated loan
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Tool 5: When debt collectors call
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Know your rights
The Fair Debt Collection Practices Act protects consumers
from harassment:
 Repeated phone calls intended to annoy, abuse, or harass
 Obscene or profane language
 Threats of violence or harm
 Publishing lists of people who refuse to pay their debts
 Calling you without telling you who they are
 Using false, deceptive, or misleading practices
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Your Money, Your Goals
Module 12: Understanding credit reports
and scores

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Understanding credit reports & scores
 Header/identifying
information
 Public record information
 Collection agency account
information
 Credit account information
 Inquiries made to your
account
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Reading a credit report
1. Who does this credit report belong to?
2. Where does this person live?
3. Where does he work? How long has he worked there?
4. Does he have public records? If yes, describe it (them).
5. Is he late on any of his accounts? If yes, describe.
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Reading a credit report
6. Are any of his accounts in good standing? If yes,
describe.
7. What are the balances of his accounts in the account
information section?
8. Does he have accounts in collection? What is the
balance owed in collections?
9. What do his inquiries tell you?
10. What is your opinion of this person’s credit history. Is
it positive or negative?
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 Banks and credit unions
 Credit card companies
 Service providers (cell phone companies and utility companies)
 Insurance company
 Landlords
 Potential or current employers
Reasons credit reports & scores are important
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Credit Reporting Entities
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Ordering, reviewing, and improving
 Ordering  Use Tool 1
 Reviewing  Use Tool 2
 Credit report review checklist
• Ensure ALL information is correct—
personal information, public record
information, account/trade information,
collection account information.
• Make sure negative information is not being
reported longer than it should be.
 Improving  Use Tool 3
• Improving credit reports and scores
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Your Money, Your Goals
Self-Study Modules

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Your Money, Your Goals
Module 7: Saving for the unexpected,
emergencies, and goals
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Your Money, Your Goals
Module 8: Managing income and benefits

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Your Money, Your Goals
Module 9: Paying bills and other expenses

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Your Money, Your Goals
Module 10: Managing cash flow

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Your Money, Your Goals
Module 13: Evaluating financial service
providers, products, and services

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Your Money, Your Goals
Module 14: Protecting consumer rights

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Additional resources
For additional resources, visit the Consumer
Financial Protection Bureau website:
http://www.consumerfinance.gov/
If you have a consumer complaint, visit:
http://www.consumerfinance.gov/complaint/
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Your Money, Your Goals
Closing

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Closing
 What is the most important
thing you are taking away
from this training?
 What is something you would
like to learn more about?
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